Small Boutique IB or BB Wealth Management

Hi Guys,
So I'm caught in a bit of a dilemma. I am coming from a non-target school, graduating in a couple of weeks with Finance degree, 1st gen college student. Didn't do BB summer internship, but I went overseas and worked at a 2B+ hedgefund as an equity analyst for summer internship (they only hire CFA charterholders for analyst positions unfortunately)

I happen to be in a very affluent town that has a lot of ppl in finance who tried to help me, but most BB fill the 1st yrs with summer analyst positions. So I'm not worried about the networking...I am interested working in Equity Research, IB, valuations, FIIC, Asset Management.

As of right now, I only have these 3 options to choose from and trying to see which would be best to give me experience to switch to Research, or IB, or Asset Management. I am also planning on taking CFA. I am located in the city area.

Here are the three positions, and short details about the position:

1) Client Service Associate at BB Wealth Management (non-NYC office, but around 40 minutes out) 45k + no bonus

-I get Series 7 and 63, get research from the bank, also they cover CFA if I take it, then leave?

- very recognizable name, but I also know plenty of people in this job and hate it and it's basically secretary work.

2) Analyst, French bank, chicago (70k ayr + no bonus)
-This one deals a bit with IB and coverage of clients, a little modeling, but very little analysis.
People recognize this name in finance
-but it's in chicago and I don't feel like I should move to chicago for this position, it's not a dream job scenario.

-1 yr contract, meaning if they want they can renew my contract after one year to remain an analyst. No clear progression through the company

3) Investment Banking Analyst, Small Boutique Investment Bank (an hour out of NYC, very affluent town,) 40k a yr+ 10-30k potential bonus.
-my concern with this one is no one recognizes name outside of the state they operate in. However, they've been around for over 20 years.

- I know this certainly will not help in terms of getting the interview, but I'll be able to hopefully perform well once I do get an interview.

-I will get the financial modeling, restructuring, pitching, client facing aspect, and business development so trying to bring in new deals.

-also they advise lots of companies when they are being bought by big PE firms or portfolio companies, so connections there too

-less than 10 people in office and just 1 analyst, around 10 M&A deals a year, + advising other companies

-they also sponsor Series 79, 82 and 63 licenses.

Again these are all short-term options for me, none I see staying more than 6 months- 1 yr.
My main dilemma is Big Brand non-relevant experience vs Very small companies, great experience? Which one gives me best exit ops for MMB, or BB or Asset Manager in Equity Research or FIIC, or DCM or ECM?

P.s money isn't so much of an issue because I have low student debt and I will be living with parents if working in the NYC (tri state area).

Comments (19)

Best Response
May 12, 2017 - 9:28pm

everyone knows BB pwm is a joke unless you put 20 years in to build your book. You won't gain any skills relevant to IB or Equity Research/Asset Management (because you won't be actively managing portfolios). In most cases, you're going to be selling shitty mutual funds to the middle class or teaching people about 401k accounts

May 13, 2017 - 8:04am

Take the Ib or chi town role; skills are important;BB OPs is not a skill, in fact could make you stupider therefore less skilled.

Good post though OP. I like how you detailed the pros and cons.

May 13, 2017 - 1:14pm

Yea I agree, I am actually going to try and see if the chi position can be in nyc.
They have half their team in ny, so it's worth a shot to negotiate
They seem to really want me (hence the generous offer) since i'm fluent in french and a couple other languages.

Also when I leave whatever place I decide to start off in, do you know if I can take my licenses with me? Is there like a max time I have to remain with the firm after I pass the license tests?

May 13, 2017 - 2:12pm

I'd agree with srj62. At this point, I wouldn't even say the SA position is crucial, but it is certainly a huge plus. Make sure your grades and ECs are on point first and foremost. In that instance, I think either position will bode well for you, but the IB job will be more relevant. Even if it's boutique and you're aiming for bulge after graduation, the exposure will be huge.

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